---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43641809.md"
description: "Marvell First Take: Results broadly in line with market expectations, with growth on the top line driven mainly by data center interconnect products.Adj. GPM came in at 58.3%, flat QoQ.Starting this fiscal year, the company consolidated segment disclosures from five to two: Data Center, and Comm & Other.Data Center was the key growth driver this quarter, up 19% QoQ.Demand for connectivity products led the increase.With a full-year outlook provided, next-quarter guidance matters less.We infer revenues of approx. $3.15bn and $3.7bn for the next two quarters.Both imply QoQ growth of around 15–20%.More importantly, management gave a two-year revenue outlook.FY2027/FY2028 revenues are projected at $12bn/$18bn (vs. prior quarter guidance of $11.5bn/$16bn).Consensus ahead of the print was already ~$11.8bn and $17–17.5bn; vs. NVDA’s explosive guide, Marvell’s outlook is clearly softer.Dolphin Research believes Marvell’s post-market drop is mainly due to two factors.1) After announcing a partnership with Alphabet, management did not raise its custom ASIC outlook.It reads more like a framework that gives away economics.2) For FY2028, the company guides 60%+ growth for Data Center, while NVDA, despite its size, guided >70% growth for next year.The stock had traded at a premium to NVDA and peers, reflecting expectations for share gains in AI chips.However, with no raise to custom ASIC and a slower Data Center growth outlook vs. NVDA, the market found this hard to accept.For more, follow Dolphin Research’s subsequent commentary and Trans. $Marvell Tech(MRVL.US)"
datetime: "2026-08-28T00:34:49.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43641809.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43641809.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43641809.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Marvell First Take: Results broadly in line with m…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**